USPS lost $255 million in November
TweetThe US Postal Service posted a net loss of $255 million for the month of November, bringing the fiscal year to date loss to $476 million after the first two months of FY 2010. Total mail volumes were down by 4%, or about 600 million fewer pieces than a year ago. First class mail volume was actually up from the prior year, by 3.3% The increase, however, is mostly due to the fact that there was one more business day this year compared with November 2008. Standard mail volumes were down 4.6% from the prior year, which is still an improvement over October’s performance. For the fiscal year to date, first class mail volume is down 7.8%, standard is down 14.5%.
Revenue was up slightly for the month, thanks to the rate increases implemented earlier this year. Year to date revenue, however, is still down 5.6% from the prior year.
On the expense side, year to date salaries and benefits are down 4.9%, or about $400 million from last year. The reduction reflects the continued sharp drop in work hours. City delivery hours are down 6.3% YTD, mail processing down 15.5%, customer service is down 13.3%.
Full details are available on the Postal Regulatory Commission web site.
December 29th, 2009 13:00
Despite YTD losses totaling $476 million, the USPS issued awards in October and November to the tune of $617,827. Of that amount, $406,511 went to HQ and Area employees.
December 29th, 2009 14:37
Not NEARLY enough of a loss!!! This company can’t lose enough money to make me happy!!!!
December 29th, 2009 18:33
AND they insist on closing retail EARLY on 12/31. 1st and 3rd of month checks issued that day result in hundreds of thousands of money orders sold-each generating a fee of $1.10-$1.50. But since the post office, in its infinite wisdom, chose to close, those customers will more than likely take their business elsewhere-like Hy-Vee. Who will be happy to take the money.
December 29th, 2009 18:34
It’s no wonder. Management is running anywhere from 3 to 6 EXTRA trucks EVERY DAY just to deliver anywhere from 4 magazines to a small bag of parcels to an office where the carriers have already hit the street ( This is in December) . This is over and above the 2 EXTRA trucks some moron sends on a regular basis every day. ( As in November and any previous month) If you think the monetary loss for November is bad just wait until Decembers’ numbers come out. Instead of letting a regular carrier earn a few hours overtime they send untrained substitutes that take 3 to 4 times as long to do the job! And lets not forget about all those extra trucks!
December 29th, 2009 20:34
iT DOESN’T MEAN A THING HOW MUCH MANAGEMENT LOSE’S THE BONUS’S WILL STILL ROLL OUT TO THEM IN JAN. OR FEB.
January 1st, 2010 20:46
“City delivery hours are down 6.3% YTD”. Great, the few of us left, are working more hours, when your name is not on OTDL or own assignment and you are working 10 hrs a day sometimes six days a week. I guess my hours are up 500% YTD
January 4th, 2010 00:56
Managements 5 dollar bonus is hardly enough to cover the eggheaded headaches dumbells that move like snails. And the truck thingy, who the hell cares if delcon is late, APPS sends all the mail back ass backwards anyway. Wait till flat seq hits your pockets, then you will have plenty to cry about.
January 7th, 2010 22:50
if management didnt allow and falsify clock rings to cover up for carriers who work 10 to 12 hours a day on the post office clock to go run their personal cleaning business then maybe the post office wouldnt lose money.
January 9th, 2010 10:16
Expecting that bonuses for senior management will be revealed soon and knowing that my raise has been cut by senior management Arbituarly I am resorting to cutting expenses. I will start with stamps, not needed just pay online. I have also helped the PO by stopping paper statements and blocking credit report to eliminate junk mail they need to process at a loss.
January 14th, 2010 13:55
Has anyone noticed how many unemployment checks we have been delivering, Hmmm, Maybe we should appreciate our jobs a bit more and quit sniveling.. We make dam good money for a job anyone can do….
January 14th, 2010 21:06
B Kaiser , great comment ! When we are asked to give back S & B’s down the road………the ones who do the least will cry the most……..as they always do. Have some pride and go to work………Less than 1% of hired career emplyeees quit ???? I wonder why……Must be the poor managers or extream pressure. Wal Mart is always hiring at $ 7.50 an hour. The managers bonus topic is nothing more than trying to justify your own failure and theivery. You need something ! Get over it ! Develope some dignity for god sake.
January 16th, 2010 00:02
I agree with the manager go green, help PO by stopping junk mail and paying online. The less mail to work under guideslines that only requires being gainfully employed “breathing” the better the po will be.
February 3rd, 2010 20:53
These losses will look like an economic windfall in two years ….. To all Postal employees out there… BE AFRAID!….. BE VERY AFRAID !!…. It is only going to get worse….. the mail volume is not coming back…EVER!
Get this through your thick skulls… SNAIL MAIL IS OBSOLETE! I am sorry but the truth can hurt! For those who are young, abandon this worthless, outdated sh*thole and go back to school and learn something… As they say,
“SKILLS PAY THE BILLS.”